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  • New Report Notes Apple is Prepping to Rollout Apple Pay in China

    A new Wall Street Journal report is claiming that Apple will soon be releasing Apple Pay in China. China is currently Apple’s second largest market behind the U.S., therefore the company is looking to expand its mobile payment system to the region. According to the WSJ, a new company has been created in the Shanghai free-trade zone by Apple and is apparently dedicated to operate Apple Pay in the country. It was noted that the new company was seeded with $13.4 million of capital.

    The Apple Inc. entity, named Apple Technology Service (Shanghai) Ltd., was registered in the city’s free-trade zone on June 10, according to the Shanghai government’s company-registration database. Its business operations include technical consulting, services and system integration in the field of payments, the database showed.
    Although the Chinese market has been bigger for Apple than Europe has been, we think setting up a new wireless payment system was easier for the U.K. than it was for China, hence why Europe received the service first. However, China is already using Alipay and the service has more than 300 million people using it, so Apple Pay could potentially become huge in China.

    Apple has yet to make an official announcement on when they plan on rolling out Apple Pay in China, but it could be soon as the company is said to be partnering with Alibaba for the service. We believe Cook is looking to launch Apple Pay in the region probably by early to mid next year.

    Source: The Wall Street Journal
    This article was originally published in forum thread: New Report Notes Apple is Prepping to Rollout Apple Pay in China started by Akshay Masand View original post